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Concept
Japan Bank for International Cooperation
Summary
The Japan Bank for International Cooperation, JBIC, is a Japanese public financial institution and export credit agency that was created on October 1, 1999, through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).
JBIC became the international wing of the Japan Finance Corporation (JFC) (administered by the Ministry of Finance) established on October 1, 2008. It became independent again from JFC on April 1, 2012. The bank is wholly owned by the Japanese government, and its budget and operations are regulated by the JBIC law. It is headquartered in Tokyo and operates in 18 countries with 21 offices. The main purpose of the institution is to promote economic cooperation between Japan and overseas countries by providing resources to foreign investments and by fostering international commerce. It has a major role in promoting Japanese exports and imports, and the country's activities overseas. The bank's presence can be seen both in developed and developing countries. It tries to contribute to the stability of the international financial order and follows a policy of not competing with ordinary financial institutions. The bank was one of the instruments of Japan's official development assistance (ODA), which contributes to the execution of the country's foreign policy. JBIC claims to aim at sustainable development and to be concerned about social and environmental issues, and requires environmental impact assessment studies to provide funding to any project. Nonetheless, it was the biggest known financer of coal projects among public institutions worldwide in 2016 and continues to finance coal up to the present(status 2019).
Following the passage of the Japan Finance Corporation Law on May 18, 2007, during the 166th Ordinary Session of the Diet, the international financial operations (IFOs) of Japan Bank for International Cooperation (JBIC) were merged with National Life Finance Corporation (NLFC), Agriculture, Forestry and Fisheries Finance Corporation (AFC), and Japan Finance Corporation for Small and Medium Enterprise (JASME) on October 1, 2008, to become a new policy-based financing institution, tentatively called Japan Finance Corporation (JFC).
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